CubeSmart (NYSE:CUBE) Downgraded by Bank of America

Bank of America lowered shares of CubeSmart (NYSE:CUBE) from a buy rating to a neutral rating in a research report report published on Friday, BenzingaRatingsTable reports.

CUBE has been the subject of a number of other research reports. ValuEngine downgraded Zumiez from a hold rating to a sell rating in a research note on Monday, May 13th. Zacks Investment Research downgraded HEXO from a hold rating to a sell rating in a research note on Wednesday, May 15th. Finally, Raymond James set a $28.00 target price on Wheaton Precious Metals and gave the stock a buy rating in a research note on Thursday, March 21st. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. CubeSmart presently has a consensus rating of Hold and an average price target of $31.37.

Shares of CUBE opened at $33.24 on Friday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.04 and a current ratio of 0.04. The company has a 50-day moving average price of $34.07. The firm has a market cap of $6.28 billion, a P/E ratio of 20.27, a PEG ratio of 5.97 and a beta of 0.20. CubeSmart has a one year low of $27.19 and a one year high of $35.23.

CubeSmart (NYSE:CUBE) last issued its earnings results on Thursday, April 25th. The real estate investment trust reported $0.40 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.40. The company had revenue of $152.85 million during the quarter, compared to the consensus estimate of $154.06 million. CubeSmart had a return on equity of 9.67% and a net margin of 28.02%. The firm’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period last year, the business posted $0.39 EPS. Equities research analysts predict that CubeSmart will post 1.66 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Monday, July 1st were issued a $0.32 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.85%. CubeSmart’s dividend payout ratio (DPR) is presently 78.05%.

In related news, VP Jeffrey P. Foster sold 5,958 shares of CubeSmart stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $32.55, for a total value of $193,932.90. Following the sale, the vice president now owns 124,739 shares of the company’s stock, valued at approximately $4,060,254.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Timothy M. Martin sold 5,430 shares of CubeSmart stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $32.50, for a total transaction of $176,475.00. Following the completion of the sale, the chief financial officer now directly owns 187,666 shares in the company, valued at approximately $6,099,145. The disclosure for this sale can be found here. Insiders sold a total of 57,566 shares of company stock worth $1,869,808 in the last ninety days. 1.04% of the stock is currently owned by insiders.

Several large investors have recently bought and sold shares of CUBE. LPL Financial LLC acquired a new stake in shares of CubeSmart during the 4th quarter valued at approximately $230,000. Raymond James & Associates raised its position in shares of CubeSmart by 3.4% during the 4th quarter. Raymond James & Associates now owns 15,505 shares of the real estate investment trust’s stock valued at $445,000 after acquiring an additional 511 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of CubeSmart by 2.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,873,665 shares of the real estate investment trust’s stock valued at $82,448,000 after acquiring an additional 56,689 shares in the last quarter. Geode Capital Management LLC raised its position in shares of CubeSmart by 6.6% during the 4th quarter. Geode Capital Management LLC now owns 2,322,854 shares of the real estate investment trust’s stock valued at $66,642,000 after acquiring an additional 144,354 shares in the last quarter. Finally, Two Sigma Investments LP acquired a new stake in shares of CubeSmart during the 4th quarter valued at approximately $3,406,000. 98.93% of the stock is currently owned by institutional investors.

CubeSmart Company Profile

CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and secure storage space for residential and commercial customers. According to the 2019 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.

Further Reading: Diluted Earnings Per Share

Analyst Recommendations for CubeSmart (NYSE:CUBE)

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